Monty Corp. uses a periodic inventory system and reports the following for the month of June.

Date		Explanation		Units		Unit Cost		Total Cost
June 1		Inventory		130		$5		$ 650
12		Purchases		370		6		2,220
23		Purchases		220		7		1,540
30		Inventory		250

Calculate weighted-average unit cost. (Round answer to 3 decimal places, e.g. 5.125.)

Weighted-average unit cost

$enter a weighted-average unit cost in dollars

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Compute the cost of the ending inventory and the cost of goods sold under FIFO, LIFO, and average-cost. (Round answers to 0 decimal places, e.g. 125.)

		FIFO		LIFO		Average-cost
The cost of the ending inventory		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount
The cost of goods sold		$enter a dollar amount		$enter a dollar amount		$enter a dollar amount

Question 5

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The following information is available for Pearl Industries for three recent fiscal years.

		2022		2021		2020
Inventory		$542,000		$574,000		$326,000
Net sales		1,860,000		1,750,000		1,320,000
Cost of goods sold		1,116,000		945,000		950,000

(a) Calculate the inventory turnover, days in inventory, and gross profit rate for 2022 and 2021. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)

		2022			2021
Inventory Turnover		enter an inventory turnover	times		enter an inventory turnover	times
Days in Inventory		enter a number of days	days		enter a number of days	days
Gross Profit Rate		enter percentages	%		enter percentages	%